Rapid Cash works with borrowers who have bad credit and offers installment loans ranging from $100 to $1,000 and payday loans stretching from $100 to $500. You can get your money as soon as the same day or within one business day, depending on when your loan was approved.
However, you have to live in Florida and have proof of income to apply for a loan. That income can come from an employer or a government benefits agency. But Rapid Cash doesn’t work with self-employed individuals. Rapid Cash’s fees can also be on the high end. Interest rates on Rapid Cash installment loans are 208% plus a $5 verification fee. For comparison, Payday loan interest rates are 10% plus a $5 verification fee.
But if you want to borrow money outside of Florida and avoid excessive fees, these four options like Rapid Cash may meet your needs.
Upstart offers loans from $1,000 to $50,000 — much higher than you could get at Rapid Cash. And Upstart loans are available in 48 states, compared to Rapid Cash only available in Florida.
Upstart also offers interest rates as low as 7.4%, depending on factors like your credit history. However, origination fees can be as high as 12%. Rapid Cash also charges a $5 verification fee. Still, Rapid Cash's interest rates may be too excessive for some borrowers. Upstart places a 35.99% cap on interest rates.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
MoneyLion is a free service that connects you with top lenders to find a personal loan tailored to your needs, whether it's for home improvement, debt consolidation, or unexpected expenses. Loans range from $500 to $100,000 depending on your credit score, income, and other factors. It also claims it can even help borrowers with less-than-stellar credit gain access to a loan.
To get started, you complete a quick and simple online application that won't impact your credit score. You'll receive multiple options based on your eligibility and requirements. These options allow you to easily compare rates, terms, and monthly payments.
However, reviews of the company are mixed. While Trustpilot and BBB reviews rate the company highly, there's also a BBB alert due to an ongoing pattern of complaints.
Not available in: Colorado, Connecticut, New York, Vermont, West Virginia
Pros
Compare lenders without affecting your credit score
LightStream offers personal loans from $5,000 to $100,000, and interest rates range from 6.99% to 25.29% with autopay. Unlike many other lenders, including Rapid Cash, LightStream provides 0.50% discounts if you set up autopay before loan funding. LightStream also offers rates 10 percentage points lower than a competitor's rate on an unsecured loan you were approved for with the same loan terms offered by LightStream.
However, you should note that interest rates on personal loans would be 0.50% higher if you don't opt in for autopay before funding. And LightStream typically approves only customers with good to excellent credit.
The Cleo app offers cash advances of up to $250 with no direct deposit requirement or no interest. Cleo lets you know within the same day you download the app wether you qualify. You can opt to receive the funds instantly for a fee or for free if you can wait three to four business days.
You pick your repayment date (within 14 days of borrowing) and agree to have the money automatically deducted from your bank account on the repayment date. The app only takes what you've borrowed, plus the expedited transfer fee, if chosen. To get advances though Cleo, you'll need to pay a monthly subscription fee of $5.99.
Rapid Cash offers installment loans and payday loans to people with bad credit — but at a high price. It also doesn’t provide loans to service members or the self-employed. And you need to reside in Florida to work with Rapid Cash. However, other loan providers and cash advance apps can offer more affordable alternatives to a wider range of customers.
Pros
No credit required for payday loans
Works with people who have bad credit
Cons
High rates and fees
Doesn’t offer loans if you’re self-employed or live outside of Florida
Javier Simon is a freelance finance writer at Finder and a certified educator in personal finance (CEPF).
He’s featured on NerdWallet, Bankrate, Yahoo Finance and Fox Business, where he’s shared his expertise on personal finance topics, such as investing, retirement planning, taxes, budgeting and savings.
He has also covered breaking news, such as student loan forgiveness initiatives, the housing market and inflation’s impact on consumers’ wallets.
His passion is turning complex financial concepts into actionable content that can help people improve their financial lives.
Javier holds a bachelor’s degree in multimedia journalism from SUNY Plattsburgh. See full bio
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